IBAN
InfrastructureInternational Bank Account Number
Definition
The International Bank Account Number (IBAN) is a standardised format for identifying bank accounts across borders, used in many countries including all SEPA members. It consists of a country code, check digits, and the domestic account identifier. In Open Banking and payment initiation, the payer often enters or selects the payee's IBAN; Verification of Payee (VoP) or Confirmation of Payee (CoP) then checks the account name against that IBAN to reduce misdirected payments.
Related Terms
SEPA
Single Euro Payments AreaThe Single Euro Payments Area is a payment integration initiative of the European Union for simplifi...
CoP
Confirmation of PayeeConfirmation of Payee (CoP) is a UK service that lets a payer check the name of the recipient accoun...
VoP
Verification of PayeeVerification of Payee (VoP) is the EU equivalent of the UK's Confirmation of Payee. It is an IBAN-na...
PIS
Payment Initiation ServicesPayment Initiation Services are services that allow a third-party provider to initiate payments from...
Frequently Asked Questions
What is International Bank Account Number?
The International Bank Account Number (IBAN) is a standardised format for identifying bank accounts across borders, used in many countries including all SEPA members. It consists of a country code, check digits, and the domestic account identifier. In Open Banking and payment initiation, the payer often enters or selects the payee's IBAN; Verification of Payee (VoP) or Confirmation of Payee (CoP) then checks the account name against that IBAN to reduce misdirected payments.
What does IBAN stand for in Open Banking?
IBAN stands for International Bank Account Number. It is a fundamental concept in Open Banking and PSD2 regulations. The International Bank Account Number (IBAN) is a standardised format for identifying bank accounts across borders, used in many countries including all SEPA members. It consists of a country code, check digits, and the domestic account identifier. In Open Banking and payment initiation, the payer often enters or selects the payee's IBAN; Verification of Payee (VoP) or Confirmation of Payee (CoP) then checks the account name against that IBAN to reduce misdirected payments.
How does IBAN relate to Open Banking?
International Bank Account Number is a key concept in the Open Banking ecosystem, falling under the Infrastructure category. The International Bank Account Number (IBAN) is a standardised format for identifying bank accounts across borders, used in many countries including all SEPA members. It consists of a country code, check digits, and the domestic account identifier. In Open Banking and payment initiation, the payer often enters or selects the payee's IBAN; Verification of Payee (VoP) or Confirmation of Payee (CoP) then checks the account name against that IBAN to reduce misdirected payments.
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